Energy News / Shareholders Foundation, Inc.

Deadline Upcoming in $35 Million Settlement in the Facebook Inc (NASDAQ:FB) Investor Lawsuit

Via: ReleaseWire

Updated 11:34 AM CDT, Thu, June 14,2018

A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Facebook Inc (NASDAQ: FB) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on July 11, 2018 and NASDAQ: FB investors should contact the Shareholders Foundation.

San Diego, CA -- (SBWIRE) -- 06/14/2018 -- A deadline is coming up on July 11, 2018 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Facebook Inc (NASDAQ: FB) between May 17, 2012 and May 21, 2012.

Investors who purchased a significant amount of shares of Facebook Inc (NASDAQ: FB) between May 17, 2012 and May 21, 2012, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the Facebook Inc (NASDAQ: FB) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/facebook-inc-nasdaq-fb-investor-securities-class-action-lawsuit-05232012

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is July 11, 2018. The class action administrator for this case is A.B. Data Ltd.

The lawsuit was originally filed in the U.S. District Court for the Southern District of New York against Facebook Inc over alleged violations of Federal Securities Laws in connection with the initial public offering on May 18, 2012.

The lawsuit was filed on behalf of all persons or entities who purchased the securities of Facebook Inc (NASDAQ: FB) pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with Facebook's IPO (including investors who purchased shares through May 22, 2012). The plaintiff alleges, among others, that the offering materials provided to potential investors were negligently prepared and failed to disclose material information about Facebook Inc's business, operations and prospects, in violation of federal securities laws.

On May 22, 2012, reports said the three banks, Morgan Stanley, Goldman Sachs, and JPMorgan, who will split about $176 million for managing the social-networking company's initial public offering, all downgraded their earnings forecasts for Facebook Inc while it was still conducting its pre-IPO roadshow. A revised version that was released during the IPO roadshow sometime last week revealed huge revenue losses for Facebook Inc and projected into late 2012. A former Merrill Lynch analyst said he's never heard of such thing happening before.

The plaintiff claims that Facebook Inc, certain of its executive officers and directors and the underwriters of the IPO allegedly failed to disclose that during the IPO roadshow, the lead underwriters, including Morgan Stanley & Co LLC, JP Morgan Securities LLC, and Goldman Sachs & Co, cut their earnings forecasts and that news of the estimate cut was passed on only to a handful of large investor clients, not to the public.

Those who purchased shares of Facebook Inc (NASDAQ: FB) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

For more information on this press release visit:
http://www.sbwire.com/press-releases/deadline-upcoming-in-35-million-settlement-in-the-facebook-inc-nasdaqfb-investor-lawsuit-995293.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com